HKL gets $15 million to grow MFI operations

Cambodian microlender Hattha Kaksekar Ltd (HKL) has secured a $15 million cash injection to expand its business operations from its parent company, Thailand’s Bank of Ayudhya, Hout Ieng Tong, president and CEO of HKL, confirmed yesterday.

“We will invest the $15 million to expand our services,” he said. With the enlarged budget, HKL will add an additional 15 branches to its current 157-branch network while adding an additional 10 ATMs to its current stock of 120.

HKL, with a current loan portfolio of $470 million, according to Ieng Tong, expects to increase its lending and deposits by 32 and 18 percent this year respectively.

According to the National Bank of Cambodia, as of the end of last year, HKL held $586 million in assets with $360 million in deposits.